Principles of Microeconomics Questions for Friday Medium Stakes Assignment Each question is worth ten points Question One (worth 10 points) Assume a legislative body is voting on which of four proposals to pass, only one can pass. J: build a newjail L: build new lodges in the state parks M: pay for a new marina on a popular lake T: cut taxes -I-II Voters __-- Reading this table. There are 51 people who rank the projects in the order J, L, I; and M There are 25 people who rank the projects in the order L, M', T and J There are 10 people who rank the projects in the order [14, L, I} and J There are 14 people who rank the projects in the order I; L, M, and J 1. Do a Bordo count to determine which proposal is approved. Show all your work. NOTE: A Borda count method is one in which points are assigned to each person's ranking and totaled up. For example, if I want to assign the points for T I would proceed as follows. There are a total of 86 people who rank T as their third choice and 10 who rank T as their rst choice. Therefore, the total points assigned are: (2 times 86) + (4 time 14) = 172 + 56 : 228 2. Why is this a strange result? Is there some reason that one could justify this result? Explain